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During High Inflation, Great Customer Experience isn’t Just a Competitive Differentiator—it’s a Matter of Survival

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By Hyther Nizam, President – MEA, Zoho Corp.

Inflation is on almost everyone’s mind right now. Around the globe, the supply chain issues caused by the COVID-19 pandemic have been compounded by the war in Ukraine and tight labour markets in some countries.

Nigeria is no exception. In September, the country’s inflation rate hit a 17-year high, accelerating for the eighth straight month to 20.77% from 20.52% in the prior month.

Both businesses and their customers are being adversely affected by this inflation. Businesses have been compelled to raise the price of products and services as operating expenses have increased. But they do so at the risk of revenue as clients either forego a purchase or opt for a less expensive alternative.

For businesses to survive in this environment, offering a great customer experience (CX) could be the difference between losing revenue and retaining a client. In fact, research shows that as inflation rises, companies can expect to see inflated demand for great customer experiences. So, far from cutting back on investments in customer experience to reduce price increases, companies should ensure that it remains a major focus.

CX goes beyond being just a competitive advantage 

Research by Gartner (2021) shows that 89% of companies compete primarily on customer experience. That is considerably higher than the two-thirds which did so in 2018. Also, as many as 80% of customers will switch brands after a negative experience.

That means, in a world that provides customers limitless options even amidst high inflation, the experience an organisation provides has to be exceptional to not just earn customer loyalty but to also elevate the perceived brand value. This will help brands retain customers even when they increase the price of their product or service.

What makes for an exceptional CX? 

Customer experience extends beyond browsing a website and then paying for goods or a service. It encompasses the totality of their experience with a company, from marketing to the purchase process, billing, and after-sales service. A good CX tool will ensure that these experiences are personalised, meaningful, timely, and engaging. Most importantly, it will ensure consistency by providing different customer-facing teams contextual information that will help them engage with the customers in a meaningful way.

Organisations need to break down silos, and ensure that different departments have visibility into various customer-facing initiatives. For example, if the social media marketing team is promoting a holiday sale campaign, there is a good chance that customers may be adding items to their cart and waiting for the sale day to make the purchase. This would increase the cart abandonment rate and the relevant teams should have that information, which can be achieved through a unified marketing platform. Similarly, having an insight into which customers have open support tickets or pending payments will enable salespeople to narrow the list of clients they want to upsell.

As we gear up for testing times, the cost of customer acquisition is likely to shoot up even as more and more customers rely on brands they trust. Businesses need to turn their focus on customer retention by providing exceptional CX on all touchpoints. One key aspect that businesses should consider is to understand that the way to provide great CX is through great EX (employee experience). They should ensure that the customer-facing teams are equipped with a robust software platform that is unified and powered by AI so that employees can do their job more efficiently.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Obaseki Commissions Edo State Data Center

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Governor Godwin Obaseki of Edo has said that reforms by his administration in the digital and technology space over the last eight years have revolutionised the state.

The Governor who stated over the weekend at the launch of the Edo State Digital Policy and Edo Data Centre, disclosed that was the first data centre owned by a state in Nigeria.

According to him, his reforms had repositioned Edo as a leading state in digital inclusion in Nigeria, adding that his government was leveraging technology as a catalyst for socio-economic development and inclusive growth.

He said: “I welcome you to the only data center owned by a state in Nigeria. This event is significant because we have started a revolution in Edo State, a digital revolution. We are rounding up with a policy statement that will guide this revolution into the future.

“The population of Edo is scaled towards the youths as they are born in a digital age. The future is digital. It will be difficult to navigate the world today without technology. If you want to develop and grow rapidly, you must begin to think of how to use technology.

“The pace of the advancement of technology in the world today is scary. So, just imagine those who have not started yet; I don’t think they can live in the future world. In Edo, we have always been ahead in our history. We have been a knowledgeable people as we interacted at a global level over 500 years ago on our own level.

“To catch up, we had to do something else and different. That was why from the beginning it was clear to us that we had to introduce technology and make sure that we begin to retrain our young ones, the youths, to own this digital world and the confidence in it.”

Obaseki added: “We have moved Edo into the digital superhighway and to operate on that superhighway, they must know the rules and must be guided by certain rules and practices. That is what we are doing today and incorporating in this policy document. This will enable everybody to understand the shape of this high way and what they need to do on this high way.”

The governor continued: “I had the privilege of working with young people in Edo State and working together, we set up EdoJobs and the Edo Innovate Hub as these have helped our young people and till date, over 50,000 young men and women have benefited from various training and programmes from Edo Innovate. We have been lucky to build a digital ecosystem which has grown rapidly.

“Years ago, as the Chairman of the State’s Economy Team, we set up the ICTA but we struggled all through but we kept it alive, and set up the law governing it. The agency is principally responsible for providing technology for the government.


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FG Offers Nine-month Amnesty for Illegal Dollar Holdings

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Federal Government on Thursday announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.

Wale Edun

Wale Edun

It said the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.

Wale Edun, finance minister and coordinating minister of the Economy, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.

“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.

Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.

Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.

He explained, “One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.

“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.

“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.

Edun said his ministry will first issue guidelines for the programme, followed promptly by additional guidelines from the Central Bank.

According to the Minister, this measure offers law-abiding individuals a way to formalise their cash holdings. It also provides the financial system with additional dollar reserves, which may help to stabilise the exchange rate.

“This is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it allows us to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate,” he added.

Edun equally gave an update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.


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Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs

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Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.

Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.

Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.

The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.

Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.

The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.

Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.

“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.

“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.

“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.

“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.

“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”


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